Leveraging Social Media for Business - By Gaurav Kapoor


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Gaurav Kapoor, COO MetricStream; Advisor, Regalix presented at the Regalix Round Table Marketing Event - 12th May 2011

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Leveraging Social Media for Business - By Gaurav Kapoor

  1. 1. Leveraging Social Media for Business Gaurav Kapoor, COO MetricStream; Advisor, Regalix
  2. 2. TOPICS COVERED <ul><li>Social Media as a real Business Driver </li></ul><ul><li>Social Media Success Stories </li></ul><ul><li>Social Media Trends 2011 </li></ul><ul><li>The Social Media Leverage </li></ul>
  3. 3. Social Media Maturity Curve Early adoption Viral Acceleration Peak Dissonance Maturity
  4. 4. Areas of Leverage <ul><ul><li>Influence and Demand Generation </li></ul></ul><ul><ul><ul><li>Customers </li></ul></ul></ul><ul><ul><ul><li>Prospects </li></ul></ul></ul><ul><ul><ul><li>Thought Leaders </li></ul></ul></ul><ul><ul><ul><li>Analysts </li></ul></ul></ul><ul><ul><ul><li>Employees </li></ul></ul></ul><ul><ul><li>Competition </li></ul></ul><ul><ul><li>Product design </li></ul></ul><ul><ul><li>Recruitment </li></ul></ul>
  5. 5. Social Media Maturity Model Time 1st Level: Strategic Presence 2nd Level: Influence 3rd Level: Leadership Presence Management Awareness Influencing the influencers Thought Leadership Acquisition ‘ Free’ adoption’ ‘ My Likes’ Viral effect Brand Curiosity Credibility Trusted leadership
  6. 6. Transforming Social Media into a Real Business Driver   Social Media Maturity Model 1 st Level: Presence and Awareness 2 nd Level: Influence 3 rd Level: Leadership Businesses seed content and actively market to create initial participation and growth. Experts, analysts drive content creation, membership and growth. Community drives participation and growth.   Product & Brand Programs Set-up Facebook Page, Customize Tabs, Create Custom Apps. Integrate with Enterprise Applications, Knowledge Base, CRM Integrate with core product or service   Customer and Support Programs Partner & Reseller Programs Customer & Prospect Nurturing Brand & Media Monitoring Brand, Domain Experts, Partners, Customers New Influencers Influence   Member Acquisition Invitation campaigns Expert Invitations Tell-a-Friend Member Engagement Customized email, follow-ups Alerts, Follow-experts Friend feeds   Conversation Moderation Community managers Experts Self-appointed Leaders Leadership   Product & Marketing Content Collateral, Blogs Knowledge base articles Employee Created Content Key spokes person, bloggers Enterprise Micro-blogging Federated 3 rd Party Content Partners Industry Associations Domain Experts User Generated Content Community manager creates conversations Experts create & respond to conversations Community creates content
  7. 7. Leveraging for Sales and Lead Generation Organization : Compliance Online <ul><li>THE CONTEXT </li></ul><ul><li>Leverage social media to drive lead generation and sales </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>Created an ecosystem of experts through the community worldwide </li></ul><ul><li>Developed a platform for crowdsourcing </li></ul><ul><li>Largest compliance portal in the world, 4M users </li></ul><ul><li>White-labeled for NASDAQ </li></ul><ul><li>4M content, 40K SKUs </li></ul><ul><li>400 community based training programs monthly </li></ul>
  8. 8. Leveraging for Customer Retention and Partner Support Organization : Tibco <ul><li>THE CONTEXT </li></ul><ul><li>Build a platform to leverage a large and loyal customer base </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>Over 50K members in the community worldwide </li></ul><ul><li>Industry recognized repository of best practices </li></ul><ul><li>Platform to facilitate the following </li></ul><ul><ul><ul><li>Virtual customer events </li></ul></ul></ul><ul><ul><ul><li>Product announcements </li></ul></ul></ul><ul><ul><ul><li>Panel for research </li></ul></ul></ul><ul><ul><ul><li>Technical self-support </li></ul></ul></ul>
  9. 9. Leveraging for Customer Acquisition Organization : Bottlenotes <ul><li>THE CONTEXT </li></ul><ul><li>Create the largest community of wine enthusiasts </li></ul><ul><li>Build application that would resonate with the target audience </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>7 fold increase in brand awareness through social media integration </li></ul><ul><li>Created a marketing platform of 250k customers for wine manufacturers </li></ul><ul><li>Cost of customer acquisition through social media 50% lower than other online channels </li></ul><ul><li>Built a wine store, shipment to 36 US states </li></ul><ul><li>Application with location tracking that helped users compare their with those of your friends! </li></ul>
  10. 10. Leveraging for Research and Product promotion Organization : Forrester Research <ul><li>THE CONTEXT </li></ul><ul><li>Facilitate feedback and increase engagement </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>Create research papers by gauging the pulse of the community </li></ul><ul><li>Effectively promote products and services through social media. i.e.. Empowered, Groundswell </li></ul><ul><li>Building tools to sustain the interest of the community </li></ul>
  11. 11. Leveraging for Research and Product promotion Organization : Forrester Research Social Technographics Profile Tool Hero Tool Project Effort-Value Evaluation tool that helps you help you make an informed decision whether or not to proceed with a project. Shares information on how social participation varies among consumers globally and help marketers plan a targeted social technology strategy
  12. 12. Leveraging for Business Intelligence Organization : Citibank <ul><li>THE CONTEXT </li></ul><ul><li>To understand customer and market sentiment about Citigroup as a brand, its products and services </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>Product specific feedback passed to product teams </li></ul><ul><li>Marketing messages based on consumer sentiment intelligence </li></ul><ul><li>Understand areas of interest of the target segment </li></ul><ul><li>Helps identify new keywords for the search campaigns </li></ul>
  13. 13. Leveraging for Reputation and Crisis Management Organization : Reva <ul><li>THE CONTEXT </li></ul><ul><li>REVA is a technology innovator with the largest deployed fleet of electric cars in the global market today, available in 24 countries. </li></ul><ul><li>An independent body in UK conducted a car crash test on Reva. The crash test was not successful and there was a lot of negative publicity in the social media about the safety of the car and other aspects. </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>Reputation Management on all social media websites where there was a high volume negative conversation. </li></ul><ul><li>Three fold increase in positive discussions about Reva in the social media channels. </li></ul>
  14. 14. Leveraging for Demand and Lead Generation Organization : M2M <ul><li>THE CONTEXT </li></ul><ul><li>Jasper Wireless wanted to create a common platform for telcos and developers to network. </li></ul><ul><li>THE OUTCOME </li></ul><ul><li>Launched as AT&T’s M2M community at CES 2010 </li></ul><ul><li>Crossed 1K membership in 1Q </li></ul><ul><li>Instrumental in establishing M2M as a category </li></ul><ul><li>White-labeled by Carriers & Module manufacturers </li></ul>
  15. 15. Top Social media Trends in 2011 <ul><li>Mobile and location based marketing will grow. </li></ul><ul><li>Foursquare, Facebook Places, Groupon, and others will find ways to make their LBS useful for businesses </li></ul><ul><li>Social commerce will gain importance. </li></ul><ul><li>The dollar value of goods sold through social media should increase from $5 billion in 2010 to $30 billion in 2015 </li></ul><ul><li>Social media would become central to customer engagement. Increasingly the homepage for internet users will be the social networks. </li></ul><ul><li>Social media monitoring drive Business Intelligence. </li></ul><ul><li>Companies will increasingly use the social engine to inform strategic decisions, and execute on the organization's objectives. </li></ul>
  16. 16. Possible Areas of Concern <ul><ul><li>Bias </li></ul></ul><ul><ul><li>Negative Network Effect </li></ul></ul><ul><ul><li>Compliance </li></ul></ul><ul><ul><li>Competitive threats </li></ul></ul><ul><ul><li>Flavor of the day </li></ul></ul>
  17. 17. The Social Media Leverage <ul><li>Branding : Creates a new environment for promoting the brand i.e.. Coca Cola </li></ul><ul><li>Landscape Monitoring: gauge customers perception about your brand i.e.. Citibank </li></ul><ul><li>Engagement : Use social properties to engage potential customers i.e.. Dell Streak </li></ul><ul><li>Customer Service : Extension of current customer service channels i.e.. Best Buy’s Twelpforce </li></ul><ul><li>Innovation : Initiating customer feedback to drive product innovation i.e.. mystarbucksidea.com </li></ul><ul><li>Demand Generation: Targeting current and potential customers i.e.. Microsoft </li></ul><ul><li>Social Commerce : ecommerce platform on social media channels i.e..1-800-flowers </li></ul>
  18. 18. THANK YOU